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Lucasville Industries Inc. began carrying on business in 2019 and has a December 31 taxation year end. While it was fairly successful in its first
Lucasville Industries Inc. began carrying on business in 2019 and has a December 31 taxation year end. While it was fairly successful in its first year of operation, excessive production of an unmarketable product resulted in a large business loss for 2020. Profits have returned in 2021 and 2022. View the relevant income and losses. All of the taxable dividends are from taxable Canadian corporations. It is the policy of the company to minimize the use of any net capital loss balances. Read the requirements Relevant income and losses The relevant income and losses, along with charitable donations made during the years under consideration, are as follows. 2019 2020 2021 2022 Business Income (Loss) $ 93,600 $ (205,500) $ 70,000 $ 89,200 Capital Gains (Losses) (9,800) (14,000) 8,400 9,800 Dividends Received 11,800 41,800 27,200 31,600 Charitable Donations 21,600 4,200 8,100 22,800 Required For each of the four years 2019 through 2022, provide the following information: The minimum net income and taxable income. Indicate the amount and type of any losses that are available to be applied to other taxation years. The revised loss balances for any losses that are applied to other years. An analysis of the amount and type of carry overs that would be available at the end of each year. Find the minimum net income and taxable income for 2019. Indicate the amount and type of any losses that are available to be applied to other taxation years. What is the minimum net income? What is the taxable income? What is the net capital loss? Find the minimum net income and taxable income for 2020. Indicate the amount and type of any losses that are available to be applied to other taxation years. (For entries with a $0 balance, make sure to enter "0" in the appropriate input field.) What is the minimum net income? What is the taxable income? What is the non-capital loss? What is the net capital loss? Find the reassessed 2019 taxable income. (For an entry with a $0 balance, make sure to enter "0" in the input field.) Find the reassessed 2019 taxable income. (For an entry with a $0 balance, make sure to enter "0" in the input field.) What is the reassessed 2019 taxable income? Find the amount and type of carry overs that would be available at the end of 2020. What is the 2020 charitable donations carry forward balance? What is the 2020 non-capital loss carry forward balance? What is the 2019 net capital loss carry forward balance? What is the 2020 net capital loss carry forward balance? Find the minimum net income and taxable income for 2021. (For entries with a $0 balance, make sure to enter "0" in the appropriate input field.) What is the minimum net income? What is the taxable income? Find the the amount and type of carry overs that would be available at the end of 2021
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